Overbought conditions - set up for pull back, but how deep?

After a rally that surprised pretty much everyone, including me, although I called last Friday in the midst of negativity accurately that Monday would be a day up, we have now reached a point of overbought conditions with an imminent consolidation to occur.

Market stopped right up against the 50 EMA, similarly to what occurred on 10/5-10/6.

We will soon have a pullback and then the question will be "what next?"

Although it may appear that we will get a 1-2-3 set up on the hourly chart for a strong upwards move, we must not forget that we are also in set up for a large descent that will show on the daily chart as a reversal of the MACD histogram, with currently the MACD < 0.